(NYSE: CVNA) was going to revolutionize the used car market by shifting it online. That hasn't actually worked out quite as well as planned, however, and the stock is now down over 95% from its peak in 2021. While the first quarter of 2023 showed some improvement in financial performance, the company's heavy debt load means there's a ticking clock that can't be ignored.

If you tend to be a positive person, Carvana's first-quarter 2023 earnings were pretty good. For starters, the headline on the earnings release was "Carvana REPORTS BEST FIRST QUARTER IN COMPANY HISTORY FOR ADJUSTED EBITDA AND TOTAL GROSS PROFIT PER UNIT" (emphasis in the original). That sounds great and is backed up by the company's highlights of "Net loss margin was (11%), an improvement of 3.5% compared to first quarter 2022" and "Adjusted EBITDA margin was (0.9)%, an improvement of 9.4% compared to fourth quarter 2022, resulting in the best first quarter in company history."

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Source Fool.com